Economics Personal Statement

Economics is the art of balancing different variables in order to maximize the standard of living for individuals in society. Economics can be perceived as an opinionated subject which allows for interpretation as to what is the most efficient theory to create this environment. What compels me is the variety of ideologies we see today from economists and politicians. The deteriorating state of the economy has catalysed a much needed revelation so that sustainable long term growth can be achieved. So far, no indication of this has been acknowledged which, in my opinion, opens the door to great economic innovation in the near future.

I consider economics to be a prolific subject, one where faith and judgement can prompt improvements in society. Such possibility to make improvements is what inspires me to study economics, as I believe the ingredients are available to create an Economy where we can significantly decrease low living standards. As the great Adam Smith once said, “The real tragedy of the poor is the poverty of their aspirations”. I attended a speech by David Smith, the economics editor of The Sunday Times, at Eton College. David applied many theories to the recession which included some of my favourite topics: banking de-regulation and speculation.
Whilst learning History at AS level, my studies of the Cold War particularly heightened my interest in political economics.

Throughout this topic, I analysed one of the greatest collisions of two ideologies: the battle between capitalism in the west and communism in Soviet Russia. Soviet attempts to defend their totalitarian regimes from American aspirations for free trade helped me to understand how polarized both of these ideologies are. What intrigues me most is how it compares to Economics today, and how China has integrated both of these ideas to create an autocratic capitalist state.

My studies of law take a different approach. In my opinion, Law has a profound bearing on economics, particularly due to globalisation and the breaking down of economic trade barriers. The central issue relates to international law, and which legal jurisdiction should be applied to litigation. Additionally, the legality of trade practices and the International Monetary Fund are subject to legal challenges. Such issues have given me much background knowledge as to what the decisions behind economic policies are today.

Beyond studying, I have gained experience working in a building environment. This has not only developed my teamwork skills, but has enabled me to experience economical theories at first hand, such as the division of labour. Moreover, my completion of the Duke of Edinburgh Award to silver level has taught me invaluable skills, such as determination, resilience and perseverance. Beyond spending much time planning for expeditions, I volunteered to work at a charity shop for a year, for which I was in charge of financial duties such as calculating and recording profits. During this time, I also gained exemplary skills on how businesses function, and how charity shops differentiate to other retail companies.

Above that, I also teach myself how to play guitar. For over two years, this has not only allowed me to express myself creatively, but has also become a tool that I use to process my ideas and relax. On a more technological level, I am a competitive gamer, which gives me a very focused and ambitious attitude towards succeeding. In relation to this, I create commentaries of in game action; in doing this, my IT skills have become advanced with software such as Sony Vegas and Cinema 4D.

I am very passionate about studying economics because I look forward to developing my current knowledge, and applying it to real life situations. I believe my desire to keep in touch with today’s economics is what will allow me to thrive in Higher Education.

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This personal statement was written by rated0 for application in 2012.

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